Asian Currency

Asian Currency

India Trims Fiscal Deficit Target, Rupee Hits Record Low On Capital Gains Tax Hike

Sticking to the commitment of fiscal consolidation, India's Finance Minister Nirmala Sitharaman unveiled a budget that aims to provide impetus to job creation, start-ups and small enterprises, while proposals for raising the tax rates on capital gains damped market sentiment and send the rupee to a record low.The government lowered the fiscal deficit target to 4.9 percent of GDP for the financial year 2025 from 5.1 percent projected in the interim budget announced in February. This reduction was largely aided by the Reserve Bank of India's huge dividend payout. The...
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